Trading Activities (Tables)

9 Months Ended

Sep. 30, 2019

Brokers and Dealers [Abstract]

Offsetting of Derivative Assets and Liabilities

The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2019 and December 31, 2018, respectively.

				Gross Amounts Offset in the Statements of Financial Condition			Amounts Presented in  the Statements of Financial Condition			Gross Amounts Not Offset in  the   Statements of Financial Condition
September 30, 2019	Gross Amounts Recognized									Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	906,418		$	(906,418	)	$	-		$	-	$	-	$	-
Forwards		565,907			(376,720	)		189,187			-		-		189,187
Total assets	$	1,472,325		$	(1,283,138	)	$	189,187		$	-	$	-	$	189,187
Liabilities
Futures	$	(1,061,286	)	$	906,418		$	(154,868	)	$	-	$	154,868	$	-
Forwards		(376,720	)		376,720			-			-		-		-
Total liabilities	$	(1,438,006	)	$	1,283,138		$	(154,868	)	$	-	$	154,868	$	-
Net fair value														$	189,187	*

				Gross Amounts Offset in the Statements of Financial Condition			Amounts Presented in  the Statements of Financial Condition			Gross Amounts Not Offset in the   Statements of Financial  Condition
December 31, 2018	Gross Amounts Recognized									Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	1,456,716		$	(1,122,513	)	$	334,203		$	-	$	-	$	334,203
Forwards		623,038			(623,038	)		-			-		-		-
Total assets	$	2,079,754		$	(1,745,551	)	$	334,203		$	-	$	-	$	334,203
Liabilities
Futures	$	(1,122,513	)	$	1,122,513		$	-		$	-	$	-	$	-
Forwards		(632,108	)		623,038			(9,070	)		-		9,070		-
Total liabilities	$	(1,754,621	)	$	1,745,551		$	(9,070	)	$	-	$	9,070	$	-
Net fair value														$	334,203	*

* In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default.

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2019 and December 31, 2018, respectively.

	September 30, 2019
Assets
Futures Contracts
Commodity	$	282,992
Equity		232,183
Currencies		256,187
Interest rates		135,056
Total unrealized appreciation on open futures contracts		906,418
Liabilities
Futures Contracts
Commodity		(407,259)
Equity		(266,144)
Currencies		(6,331)
Interest rates		(381,552)
Total unrealized depreciation on open futures contracts		(1,061,286)
Net unrealized depreciation on open futures contracts	$	(154,868)	*
Assets
Forward Contracts
Commodity	$	248,478
Currencies		317,429
Total unrealized appreciation on open forward contracts		565,907
Liabilities
Forward Contracts
Commodity		(240,755)
Currencies		(135,965)
Total unrealized depreciation on open forward contracts		(376,720)
Net unrealized appreciation on open forward contracts	$	189,187	**

* This amount is in “Net unrealized depreciation on open futures contracts” in the Statements of Financial Condition.

** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition.

	December 31, 2018
Assets
Futures Contracts
Commodity	$	508,863
Equity		248,473
Currencies		241,791
Interest rates		457,589
Total unrealized appreciation on open futures contracts		1,456,716
Liabilities
Futures Contracts
Commodity		(389,356)
Equity		(229,595)
Currencies		(78,105)
Interest rates		(425,457)
Total unrealized depreciation on open futures contracts		(1,122,513)
Net unrealized appreciation on open futures contracts	$	334,203	*
Assets
Forward Contracts
Commodity	$	374,564
Currencies		248,474
Total unrealized appreciation on open forward contracts		623,038
Liabilities
Forward Contracts
Commodity		(230,751)
Currencies		(401,357)
Total unrealized depreciation on open forward contracts		(632,108)
Net unrealized depreciation on open forward contracts	$	(9,070)	**

* This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.

Trading Gains and Losses, by Market Sector, on Derivative Instruments

The following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2019 and 2018.

	Three Months Ended September 30,								Nine Months Ended September 30,
Sector	2019				2018				2019				2018
Commodity	$	(300,675	)		$	971,122			$	(2,139,002	)		$	132,767
Equity		221,728				1,236,875				924,193				1,118,265
Currencies		1,457,461				(79,098	)			570,871				(760,753)
Interest rates		1,364,228				(522,484	)			6,098,390				(711,290)
Total	$	2,742,742		***	$	1,606,415		***	$	5,454,452		***	$	(221,011)	***

*** This amount is included in “Total trading results” in the Statements of Income and Expenses.